证券代码：300956 证券简称：英力股份 安徽英力电子科技股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 √其他： 参与单位名 称及人员姓 名 财联社：李智斌 财通证券：赵刚 远希私募：杨春路 上海樘樾投资：王丰 同花顺：沈子逸 尘星投资：孙鹏 聂炜 华福证券：罗通 东北证券：金琼璟 陈伟 华泰证券：柴琦 申港证券股份有限公司：王啟伟 王婷 李扬 徐丽华 上海昀启私募基金管理有限公司：汲肖飞 上海淳化私募基金有限公司：鲁景 上海国花资产管理有限公司：易祎 上海澜胜私募基金管理有限公司：刘凤山 个人投资者：陈伟萍 姜希烈等 时间 2025 年 11 月 5 日下午 15:00-下午 17:30 | 地点 | 公司六楼会议室 | | --- | --- | | 公司接待人 | | | | 董事长：戴明 总经理：戴军 | | 员姓名 | 董事、董事会秘书：鲍灿 | | | 公司证券事务代表：贾云淋 | | | 公司证券部：欧阳文雄 | | | 问答交流 | | | 1、公司如 ...

Core Viewpoint - CITIC Construction Investment has initiated coverage on Jiali International, giving it a "Buy" rating, with projected revenues and profits for the years 2025/26, 2026/27, and 2027/28 showing significant growth due to the rising demand in the AI server chassis market [1][2] Group 1: Financial Projections - Expected revenues for Jiali International are projected to be HKD 34.5 billion, HKD 45.0 billion, and HKD 54.0 billion for the years 2025/26, 2026/27, and 2027/28 respectively [1] - The company's attributable profit for the same years is expected to be HKD 2.5 billion, HKD 4.7 billion, and HKD 6.6 billion respectively [1] - For the fiscal year 2024/25, the company is expected to achieve revenue of HKD 32.3 billion, representing a year-on-year growth of 10.8%, and a profit of HKD 2.04 billion, reflecting a year-on-year increase of 20.5% [2] Group 2: Market Dynamics - The AI sector is driving an increase in both volume and price in the server chassis market, with demand for GPU and ASIC servers rising [1] - The average price of chassis products is expected to increase due to higher reliability and cooling requirements for AI servers [1] - The global market for standard server chassis is estimated to be between USD 13.7 billion and USD 20.5 billion, with the potential new AI server chassis market estimated at USD 7.5 billion to USD 10 billion based on assumptions of 5 million units each for GPU and ASIC [1] Group 3: Company Positioning and Strategy - Jiali International is one of the earliest entrants in the server chassis market and holds a leading position globally, with clients including HP, Lenovo, IBM, DELL, and ZTE [2] - The company is actively expanding its AI server product portfolio and has made significant progress with traditional OEMs, NVIDIA, and CSP clients [2] - Jiali International has been included in NVIDIA's list of qualified suppliers and is working on delivering more prototype products in the coming months [2]

Core Viewpoint - CITIC Securities initiates coverage on Jiali International (01050) with a "Buy" rating, projecting revenue growth and profit increases driven by the AI server chassis market expansion [1][2] Group 1: Financial Projections - Expected revenues for Jiali International are projected at HKD 34.5 billion, HKD 45.0 billion, and HKD 54.0 billion for the fiscal years 2025/26, 2026/27, and 2027/28 respectively [1] - The company's attributable profit is forecasted to be HKD 2.5 billion, HKD 4.7 billion, and HKD 6.6 billion for the same fiscal years [1] - For the fiscal year 2024/25, the company is expected to achieve revenue of HKD 32.3 billion, a year-on-year increase of 10.8%, and a profit of HKD 2.04 billion, reflecting a 20.5% year-on-year growth [2] Group 2: Market Dynamics - The AI sector is driving an increase in demand for GPU and ASIC servers, leading to a rise in both volume and price in the server chassis market [1] - The global market for standard server chassis is estimated to be between USD 13.7 billion and USD 20.5 billion, with the potential AI server chassis market estimated at USD 7.5 billion to USD 10 billion based on assumptions of 5 million units each for GPU and ASIC [1] Group 3: Company Positioning and Strategy - Jiali International is one of the earliest entrants in the server chassis market and holds a leading position, serving major clients such as HP, Lenovo, IBM, DELL, and ZTE [2] - The company is actively expanding its AI server product portfolio and has made significant progress with traditional OEMs, NVIDIA, and cloud service providers (CSPs) [2] - Jiali International has been included in NVIDIA's list of qualified suppliers and is working on delivering more prototype products in the coming months [2] Group 4: Challenges and Adjustments - The company faced growth challenges in 2022/23 and 2023/24 due to macroeconomic conditions, rising raw material costs, high industry inventory levels, and weak consumer/investment sentiment [2] - In response to these challenges, the company is adjusting its strategy to capitalize on AI opportunities while continuing to expand its product offerings and customer base [2]